macliam

Until now, my current account with CGD has been "free" because we have a financial product with them. However, it seems that this exemption from charges will come to an end from September, so it's time to look around.

Previously, there were other banks (like BANIF) where you could avoid fees by fulfilling certain criteria, but there has been so much churn in Portuguese banking recently that I've lost track of who's who or what they offer .....

So who thinks they have a good deal?

RichardHenshall

Might Banco CTT or Activobank work for you? I've not investigated or used either but I'm always happy to hear what others think.

macliam

Both of those look good - but I'd like to hear from anyone who actually uses them!

My needs are few as I am a part-timer, my main banking is still in the UK and I use UK credit cards (with no euro markup) but I keep a healthy balance in Portugal and need an MB-enabled debit card and direct debit facility. I'm happy to bank online (I bank online only in the UK) and speak Portuguese - altough it's always good to see the technical details in English!

barlaventoexpert

We opened an account with BancoCTT in April to reduce risk on deposits in our Novo Banco & BBVA accounts following our house sale.

It works very much like a online bank & is very orientated towards the Euro Zone. One of its major shareholders is Banque Paribas, one of the largest banks in France.

That having been said we like the easy access to branches across Portugal.

macliam

Hi - as I say, an online bank is fine for me - do you use it for any DDs? Do you have an MB card from it ...... that's about all I need! Have you had any issues at all?

barlaventoexpert

Apart from the first day when we went to open the account in the main Lagos CTT and the lass was incredibly slow, it was like their 2nd day of opening, none.

Good on-line portal & multibanco card!

When we moved up here with the right docs local branch in the CTT processed the address change in 5 minutes.

Used the online portal for large transfers (Up to 10000€ max) to problem.

Transfer Values over that amount need to be dealt with in branch but takes about 24-48 hrs.

macliam

Thanks, that's looking like a candidate.....

LindaT

Hello,

Can second BancoCTT - were sceptical as free - ages to get it open at Lagos branch (photocopies of each passport page....) but once done, got MB cards, online access and been using it since with no problems at all - also EU transfers no hiccups. Although slow at branch, helpline also helpful and no English issues (except at branch, but Post Office chaps speak English and walks over to 'translate' if necessary. So far so good without fees - so good service.

macliam

Thanks

Unfortunately, no branch anywhere near me - nearest seems to be Beja or Albufeira...... that's a long way to go for a bank!

Activo bank seems worse - nothing below Lisbon ..... although it suggests online account setup is possible.

Mac and Mabel

Don't know if this helps. We also bank with CGD and received the recent letter about changes to maintainence charges. I contacted the London office (they are always very helpful) to check my understanding and received this reply:

"The letter you have received is informing you that from September on, CGD will charge all the accounts with a monthly 5,15 euros fee,

To be exempted from that fee, the customers can change the conditions of the main account (the current account),

Those conditions will allow the customer to have a package of products will decrease the amount of fee to pay,

In your case, and only looking at the information you gave me on your email, from September on, if you do not do nothing, you will pay (in Euros):

Monthly fee:5,15
Total per year:61,8
Cost of debit card per year:19
Total cost per year:80,8

If you change the conditions, you will be paying (starting next month):

Monthly fee:4,16
Total per year:49,92
Cost of debit card per year:0(you will have one debit card free changing the account conditions)
Total cost per year:49,92(you will save 30,88 euros per year)

But, if you have a saving account of more than 5.000 euros, you will still have a deduction on the monthly cost, so, you will pay:

Monthly fee:2,6
Total fee per year:31,2
Debit card:0 (one card free)
Total cost per year:31,2(you will save 59,60 euros per year)

In the case of two account holders and each of the account holder have one card, and the account has more than 5.000 euros, the cost will be as follows:

Monthly fee:4,16
Yearly fee:49,92
Cost of debit card:0(two cards free)
Total cost per year49,92(you will save 49,88 euros per year)"

So with sufficient savings to fulfil the criteria, and only one debit card, it seems that adding the ContaCaixa product to the current account doesn't cost much more than paying the annual fee for having the debit card, which always had to be paid for anyway, even when exempt from account charges. Just a thought, if you'd prefer to avoid the inconvenience of changing banks. If it's easier, London will even do the sign-up for you, from the comfort of your armchair. They'll pre-fill the form for you, email to you to print, sign, scan and email back and all is done.

macliam

Thanks for that, we actually have c€11k in a Caixagest account, which has always given us free banking (but pay for the debit card, etc.) As I have received a "personal" email from CGD, I presume this exemption will no longer apply - but whether the Caixagest serves as "savings" I don't know.... but now worth finding out.

Mac and Mabel

We are also currently exempt from the charge because of sufficient balance in our poupança account. Don't think ours is called Caixagest though. Anyway, regardless we were also going to start incurring the charge because of these changes. The Conta Caixa product appears to be a current account additional product which, although carries a charge, works out cheaper than the maintenance charge alone, as it includes free maintenance as one of the benefits, plus free debit card, as well as a small number of free transfers etc. There are also 2 other levels of the Conta Caixa product (we just went with basic (S) - sufficient for us) with extra and upgraded benefits including 2 debit cards and 2 credit cards free; at a higher charge of course, but if you currently pay additionally for those, could work out better value for you. As I say, if it's easier, London are always happy to help and respond promptly to emails, in our experience. Best of luck.